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Penguin has expanded its IP portfolio with the acquisition of Snowman Enterprises.

As a result of the deal, Penguin now controls key publishing, film, TV, digital and merchandise rights to Raymond Briggs' classic children's character and brand, The Snowman.

The Snowman book has sold in excess of 8.5 million copies worldwide, with over three million of these in Puffin editions in the UK. It is available in 15 different languages.

It was adapted for the screen in 1982, launching on Channel 4 in its inaugural year and repeated every Christmas since.

This year will see a sequel - The Snowman and The Snowdog - premiering on Channel 4.

"The Snowman's enduring appeal is testament to the brilliance of Raymond Briggs' original vision," said Tom Weldon, Penguin UK CEO. "Penguin will continue to build on its enormous popularity and the opportunities that come from this acquisition are huge.

"Penguin's strategy of increased investment in intellectual property rights very much reflects an ambition to become a new type of publisher, creating original content and products - with storytelling at their heart - across all platforms."

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